Malta insists on digital currencies

The country is moving forward with its initiative to allow digital currencies at online casinos.

Malta.- Malta Gaming Authority (MGA) is confident that the implementation of cryptocurrencies for the online gaming industry could help bring good opportunities. MGA revealed earlier this month that a study to verify the market’s possibility of developing a cryptocurrency sector for the iGaming industry is being carried away.

Joseph Cuschieri, executive chairman of the Maltese authority, said: “The shape and form of the framework governing cryptocurrencies will be announced in due course and once the risk assessment is carried out. Once the results of the study are evaluated, the MGA will make its position official on how cryptocurrencies will be adopted.” Bitmalta, a dedicated organisation in favour of cryptocurrencies, said that it is logical that Malta should support suppliers and operators alike in adopting one of the most promising technological advances of the last decade. “Since Malta prides itself as being one of the main hubs for remote gaming, it is logical.”

Prime Minister Joseph Muscat said in April that Malta cannot wait for others to take action and copy them, as they should be the ones that others copy. “I understand that regulators are wary of this technology but the fact is that it’s coming. We must be on the frontline in embracing this crucial innovation,” he had said.